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- W3124605330 abstract "I investigate how political uncertainty influences corporate investment decisions employing a unique panel dataset of German manufacturing firms. I use data on firms' stated investment plans and investment realizations. The firm-specific user cost of capital capture the current institutional framework, but do not reflect the uncertainty about changes in government policies firms are faced with. I therefore augment the neoclassical investment model by a measure of political uncertainty. The results show that electoral uncertainty at the state level decreases realized investment. Investment rates decreased by 10.5% in years where state elections occurred relative to the average investment rate in years with no state election. Firms however seem to revise their investments because of updated information about realized sales growth and not because of electoral uncertainty. I also find that electoral uncertainty negatively influences add-on investments which face a high degree of irreversibility, while non-capacity expanding investments are not influenced by electoral uncertainty." @default.
- W3124605330 created "2021-02-01" @default.
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- W3124605330 date "2016-05-11" @default.
- W3124605330 modified "2023-09-28" @default.
- W3124605330 title "Corporate investment decisions under political uncertainty" @default.
- W3124605330 hasPublicationYear "2016" @default.
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